Diesel exports to Europe. Increase! In June, India’s diesel exports to Europe rose significantly, quadrupling from the previous month as refiners took advantage of the continent’s more favorable margins. According to Vortexa, an energy cargo tracker, Indian Refiners Europe exported 119,400 bpd of diesel in June, up from 24,500 bpd in May.
Despite this growth, India’s overall diesel exports saw a decline of 4%, to 482,400 barrels per day.
Indian refiners, mainly Reliance Industries and backed by Rosneft Nyara EnergyIt caters to both eastern and western markets, offering diesel, petrol, and jet fuel. The destination of Indian fuel cargo is largely determined by demand and price arbitrage across different geographic regions.
Europe emerged as a major recipient of India’s diesel shipments, accounting for a quarter of total exports, according to an ET report. In contrast, supplies to Asia fell 10 percent, falling to 107,800 barrels per day in June.
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Other markets, including Africa, saw a nearly 30 percent drop in shipments from India. Vortexa analyst Serena Huang attributed the rise in India’s diesel exports to Europe to “improved intermediation economics for the West and weaker margins in Asia”.
India’s overall refined product exports also fell 5% in June from the previous month, totaling 1.19 million barrels per day. Europe received 17 percent of Indian supplies, while Asia received 27 percent of the goods.
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In fiscal year 2022-23, Indian refiners earned $29 billion from diesel exports as prices rose after the Ukraine war. However, as markets stabilized, receipts declined to $22 billion in FY24.
The war in Ukraine has forced Europe to reduce its reliance on Russian diesel supplies, leading to increased imports from the Middle East, the US and India, which have largely replaced Europe’s Russian imports.

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